PBF Energy(PBF)2025-02-13 11:45Financial Performance - Fourth quarter 2024 loss from operations was $383.2 million, compared to a loss of $47.2 million in Q4 2023; excluding special items, the loss was $427.9 million versus $46.1 million in Q4 2023[2][3] - Full year 2024 loss from operations totaled $699.0 million, down from an income of $2,951.5 million in 2023; excluding special items, the loss was $588.0 million compared to an income of $2,017.6 million in 2023[4] - Fourth quarter 2024 net loss attributable to PBF Energy Inc. was $289.3 million, or $(2.54) per share, compared to a net loss of $48.4 million, or $(0.40) per share in Q4 2023[3] - Adjusted fully-converted net loss for 2024 was $456.1 million, or $(3.89) per share, compared to an adjusted fully-converted net income of $1,477.3 million, or $11.32 per share in 2023[5] - For the three months ended December 31, 2024, the company reported a net loss of $292.6 million compared to a net loss of $48.4 million for the same period in 2023[26] - EBITDA for the three months ended December 31, 2024, was $(219.2) million, a significant decrease from $94.3 million in the prior year[26] - The consolidated gross margin for the year ended December 31, 2024, was $(372.2) million, compared to $2,398.6 million in 2023[49] Revenue and Expenses - Revenues for Q4 2024 were $7,351.3 million, a decrease of 19.5% from $9,138.7 million in Q4 2023[22] - Total cost and expenses for Q4 2024 were $7,734.5 million, a decrease of 15.0% from $9,185.9 million in Q4 2023[22] - Total revenues for the year ended December 31, 2024, were $33,115.3 million, down from $38,324.8 million in 2023, representing a decline of approximately 13%[34] - The company reported cash flows provided by operations of $43.4 million for the year ended December 31, 2024, a significant decline from $1,338.5 million in 2023[30] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.275 per share, with over $60 million returned to stockholders through dividends and share buybacks in Q4 2024, and approximately $450 million for the full year[4][6] - Dividends per common share increased to $0.275 in Q4 2024 from $0.25 in Q4 2023[22] Assets and Liabilities - As of year-end 2024, PBF had approximately $536 million in cash and $921 million in net debt, having paid approximately $119 million in dividends during the year[9] - The company’s total assets decreased to $12,703.2 million as of December 31, 2024, from $14,387.8 million in 2023, reflecting a reduction of about 12%[28] - Cash and cash equivalents at the end of the period were $536.1 million, down from $1,783.5 million at the end of 2023, indicating a decrease of approximately 70%[30] - The total debt increased to $1,457.3 million in 2024 from $1,245.9 million in 2023, resulting in a total debt to capitalization ratio of 20% compared to 16% in the previous year[28] - Total debt increased to $1,457.3 million as of December 31, 2024, compared to $1,245.9 million as of December 31, 2023[76] - The total debt to capitalization ratio increased to 20% as of December 31, 2024, from 16% as of December 31, 2023[76] - Net debt was $921.2 million as of December 31, 2024, compared to a negative net debt of $(537.6) million as of December 31, 2023[76] - Total equity excluding special items decreased to $4,686.8 million as of December 31, 2024, from $5,557.4 million as of December 31, 2023[76] Production and Operational Metrics - Renewable diesel production averaged approximately 17,000 barrels per day in Q4 2024, with expectations of 10,000 to 12,000 barrels per day in Q1 2025 due to a catalyst change[7] - The company's production for the three months ended December 31, 2024, was 871.1 thousand barrels per day (bpd), a decrease from 884.9 bpd in the same period of 2023[42] - The total crude oil and feedstocks throughput for the year ended December 31, 2024, was 330.9 million barrels, slightly up from 329.0 million barrels in 2023[42] - The total throughput for the West Coast segment was 25.9 million barrels for the three months ended December 31, 2024, compared to 21.6 million barrels in 2023[46] Refining Margins - The gross refining margin, excluding special items, per barrel of throughput for the year ended December 31, 2024, was $7.89, down from $16.07 in 2023[42] - The gross refining margin excluding special items for the year ended December 31, 2024, was $2,612.1 million, down from $5,287.7 million in 2023[49] - The gross margin per barrel of throughput for the Mid-Continent (Toledo) segment for the year ended December 31, 2024, was $2.28, compared to $3.82 in 2023[44] - The gross refining margin per barrel of throughput for the Gulf Coast segment was $2.87 for Q4 2024, significantly lower than $10.89 in Q4 2023[48] - The gross margin per barrel of throughput for the West Coast segment was $(15.44) for the three months ended December 31, 2024, compared to $(8.12) in the same period of 2023[46] Future Outlook and Events - A fire at the Martinez refinery on February 1, 2025, resulted in a temporary shutdown; the extent of damage and financial impact is currently being assessed[8] - PBF Energy is committed to extensive maintenance and multiple turnarounds across its refining system in 2025, with the planned turnaround at the Martinez refinery delayed due to the recent fire[10] - The first quarter 2025 throughput expectations are projected to be between 250,000 to 270,000 barrels per day for the East Coast, 135,000 to 145,000 barrels per day for the Mid-continent, 155,000 to 165,000 barrels per day for the Gulf Coast, and 200,000 to 210,000 barrels per day for the West Coast[11][12]